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For securities account assets (mutual funds, stocks, tsy bonds, etc.), under UGMA & UTMA CA, is there an exception to the age of majority at age 18, of when to turn over account assets to the minor? If an account is marked ''Until the Age 21, 24 and even age 25'', does this extend the date when assets have to be turned over to the minor beneficiary? And, under what circumstances can a minor demand the assets after age 18 if not turned over until the ''Until Date''?

Asked on 8/27/08, 10:25 am

1 Answer from Attorneys

Probate Code section 3920.5 allows creation of custodianships that extend beyond age 18. The original gift or other transfer must so specify. See 3920.5(d). The maximum age is 25, with a couple of exceptions for certain types of gifts as set forth in 3920.5(e) and (f).

I suggest you get a copy of the Probate Code at a library or on line and skim sections 3900 onward to at least 3920.5. There are several rules that may be of interest to you in there, and it would be too space-consuming to quote them all here, and they are fairly easy for a non-lawyer to understand.